How Illicit Gold Fuels Insecurity in Latin America

May 28, 2025 | Fernanda Rios Herrera
View Original

Gold has become an increasingly attractive asset for non-state armed groups (NSAGs) in Latin America due to its soaring price, low risk and high profitability – offering twice the rate of return of cocaine per kilogramme. Its appeal is further boosted by an opaque and poorly regulated supply chain that enables laundering into legal markets at different stages, widespread unregulated artisanal and small-scale mining (ASGM), and global economic uncertainty driving demand and higher value.